Forex Trading the week of 08\/18\/2024: USDX, EU,UJ,GU,AU,

Note: FOMC Meeting Minutes this week !

USDX: Forex Strategies Bearish: We are in another 5 waves down after the abc correction. pairs should prove it out when the market opens. All of this could change in a heartbeat and will affect the currencies below. ATR’s are about slightly higher than last week. BE SMART - TRADE WITH STOPS!!!!

EURUSD

Forex Strategies Bullish: We are currently @ 1.1028 in a channel. We are looking for a continuation to the 1.000 Fibo @ 1.1115. Watch the USDX for reversal and direction. The ATR for the pair currently is 64 pips and it 90 day average is 55 pips. NOT TRADEABLE!

USDJPY

Forex Strategies Bearish: We are currently@ 147.61 in a channel in a range. We are looking for a 5th wave continuation of the channel, so we are looking to the 140.00 area. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 255 pips and it 90 day average is 150 pips.

GBPUSD

Forex Strategies Bullish: We are currently@ 1.2945 in a channel in a range. We are looking to continue to the range top @ 1.3936. Watch the USDX for direction. The average daily true range (ATR) for the pair is 83 pips and it 90 day average is 70 pips.

AUDUSD

Forex Strategies Bullish : We are currently@ 0.6799 in a 5 wave channel in a range. We are looking to go to the Day top @ 0.6799. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 67 pips and it 90 day average is 53 pips.